In a report released today, Kevin DeGeeter from Oppenheimer maintained a Buy rating on Molecular Templates Inc (MTEM – Research Report), with a price target of $15. The company’s shares opened today at $6.30.
“On 4/22/19, MTEM announced FDA accepted the IND filing for MT-5111. Important takeaways: 1) 1st disclosed IND filing for an ETB on 2nd generation scaffold with reduced immunogenicity; 2) clear regulatory strategy; and 3) growing addressable market with potential for expanded use of Kadcyla. MT-5111 is a HER2+ ETB to be developed for patients that have progressed on Kadcyla or other HER2 agents. The current revenue run rate for Kadcyla is $1.1B. MTEM plans to start dosing of a Phase I study in 3Q19 for r/r patients with HER2+ solid tumors. We expect MTEM to file two additional INDs this year, including the anti-CD38 ETB, TAK-169, which could be disclosed by the end of 2Q19. We don’t include MT-5111 in our financial outlook.”
According to TipRanks.com, DeGeeter is a 4-star analyst with an average return of 11.5% and a 47.9% success rate. DeGeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Neon Therapeutics Inc, and Genomic Health.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Molecular Templates Inc with a $15 average price target.
The company has a one-year high of $9.75 and a one-year low of $3.19. Currently, Molecular Templates Inc has an average volume of 67.79K.
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Molecular Templates, Inc. is a clinical stage biopharmaceutical company, which engages in the discovery, development, and commercialization of biologic therapeutics for the treatment of cancers and other serious diseases. Its product pipeline includes MT-3724, TAK-169, MT-5111, and MT-6035.